we've decided that AdSense for video will use the InVideo ads adopted on our own property, YouTube, which enable advertisers to make a single buy at scale. Also competing in the auction - and unique to AdSense for video and AdSense video units - are text overlay ads which are contextually targeted to signals in your videos and on the page where the video lives. The InVideo ads are paid on a CPM basis, while the text overlay ads are paid on a CPC basis.
There are enough advertising options available already. It's hard to get excited about this, but I am, a little, I think.
Actually, i'm more interested in learning how they know how many video streams the average site is serving. I could serve up 10 million this month despite having shown none last month, THAT'S how many options we have available to draw traffic these days.